UPDATED: Agencies sign ‘memo of understanding’ to improve consumer protection coordination supervision for larger credit unions

Improving coordination between the federal credit union regulator and federal consumer financial protection agency over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of a “memorandum of understanding” announced by the two agencies Thursday.

Read the memorandum of understanding

In a joint release, the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB)  said that under the agreement they will “pursue opportunities to proactively and efficiently share supervisory information, including drafts of Covered Reports of Examination and final Reports of Examination for credit unions” with more than $10 billion dollars in assets.

The agencies said they would use “secure, two-way electronic means” to accomplish that and that they will “jointly collaborate in semi-annual strategy planning sessions to identify and address areas of alignment and coordination in examinations for covered institutions.”

CFPB and NCUA also asserted that the agreement would “better facilitate coordinated examinations” to increase efficiency, and that the two agencies would share information on training activities and content, as well as on supervisory activities and potential enforcement actions.

Consumer Financial Protection Bureau and National Credit Union Administration Sign Memorandum of Understanding

Memorandum of understanding